Private funds could be facing a Spider-Man problem. Let me explain. Because he was bitten by a radioactive spider, Spider-Man has superpowers. He can jump really high. He can shoot webs from his hands. When his...more
As new Chair Paul Atkins begins to make his mark on the Securities and Exchange Commission, the news cycle has been heavily focused on crypto regulation. The SEC, however, is more than just a crypto regulator....more
6/3/2025
/ Broker-Dealer ,
Enforcement ,
Enforcement Actions ,
Financial Regulatory Reform ,
Investment Advisers Act of 1940 ,
Investment Management ,
Investors ,
Registered Investment Advisors ,
Regulatory Oversight ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
Last March, I wrote: “Howey Livin’? Domestic Crypto Regulation in 2024.” As elegantly foreshadowed by the hilarious title, the article covered the strange crypto regulatory moment of spring 2024: Bitcoin has been packaged...more
In 2023 and 2024, our public company clients were focused on complying with the SEC’s cyber disclosure rules—and on the risk from big, high-profile government enforcement actions like the SolarWinds case. But with a new SEC...more
Every year, autumn brings hayrides, changing leaves, family gatherings, sweater weather, the chance to savor a cup of black tea by a roaring fire—and a raft of Securities and Exchange Commission (SEC) enforcement actions as...more
The Securities and Exchange Commission (SEC) has brought charges against independent directors who allegedly failed to take appropriate action when management was engaged in accounting fraud. These cases have been...more
To modify an old saying: “Nothing is certain but death, taxes...and corporate opposition to government regulations.” Over the decades, companies and interest groups have frequently challenged government regulations in...more
Now that the Private Fund Adviser Rules have been chucked into the dustbin of history, should investment advisers expect the SEC staff to give them the benefit of the doubt on expense allocation? Not likely. This is a...more
What do the SolarWinds ruling and other recent developments mean for the future of the SEC’s cyber regulatory program? Will the SEC’s “lack of moderation” result in “violent ends” for its cyber agenda? Or will the current...more
The streak of good news in D&O litigation risk ends this year, with a rise in class action filings and bigger settlements. But the D&O market is still soft, so staying on top of the evolving risk landscape will help you...more
8/6/2024
/ Board of Directors ,
Class Action ,
Cybersecurity ,
D&O Insurance ,
Initial Public Offering (IPO) ,
Insurance Costs ,
Insurance Industry ,
New Rules ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Webinars
While there is rest for weary legal and compliance pros at asset managers, and as you enjoy a cool Arnold Palmer in your hammock this Independence Day, spend a few minutes thinking about how your firm can leverage this moment...more
When we think about the kinds of issues that the SEC is intended to regulate, big accounting frauds – Enron, WorldCom, Tyco – are top of mind. In this week’s D&O Notebook, my colleague and former SEC Enforcement Senior...more
These folks often go through some version of the Kubler-Ross stages of grief, including denial (“The SEC must be confused!”), anger (“This is an abuse of power!”), bargaining (“With this one weird trick, we can convince the...more
There is a strong supernatural strand in the American consciousness. Twelve percent of United States adults believed that the world would end in 2012. Twenty-one percent believe in witches. A whopping thirty-six...more
America has always loved stories about people who made it big. Abraham Lincoln grew up in a log cabin; 200 years later, he got his own biopic starring Daniel Day-Lewis. Oprah was born into poverty in rural Mississippi;...more
Following the financial crisis of 2008, the federal government faced harsh criticism for not bringing enough cases against individuals. Since then, government lawyers have consistently crooned the same tune. It doesn’t change...more
Since the 2008 financial crisis, the SEC has made repeated encroachments into the private funds industry. Registered investment advisers (RIAs) have borne the heaviest regulatory burden: routine examinations, frequent...more
Public companies in every industry bristle at the burden of complying with the Securities and Exchange Commission’s (SEC) ever-expanding rulebook. If you think running a public company is onerous, count your lucky stars that...more
In my last post, I explained why a full-blown Securities and Exchange Commission (SEC) investigation often results in legal fees and expenses that run well into seven or eight figures. (Again, this is just for legal costs at...more
Over a long career working for public companies or serving on boards, at some point, you may run into the Securities and Exchange Commission’s Division of Enforcement (“SEC Enforcement”). The SEC receives tens of thousands of...more